18.25 Data adjustments for fair value and missing data at control date The Dali Group consisted of Dali Ltd, the parent, and its subsidiary, Gleeson Pty Ltd. On 31 December 20X6, Dali gained control of Drysdale by purchasing all its share capital for $250000. The purchase was based on the following fair values for Drysdale assets, which differ from their carrying amounts: Accounts receivable Inventory Patents (not recorded by Drysdale) Equipment assets * 21400 31000 15000 170000 Financial statements of the three companies at the control date are shown in the worksheet below. At this date: Gleeson has made a $400 payment to Dali, which has not yet received it. Dali has shipped inventory goods to Gleeson invoiced at $900. Drysdale has not yet received these goods or recorded them, but they have been included in the above fair value measure of the inventory. Drysdale applies the cost model to equipment. Required: (a) Complete the worksheet below up to the sum column. (b) Prepare data adjustments in alternative general journal form with appropriate commentaries. Consolidation worksheet at 31 December 20X6: Balance sheet (data preparation) Dali Gleeson Drysdale Data adjustments Sum Dr Cr Paid-up capital 545000 150000 175000 Asset revaluation reserve 150 000 25 000 Other reserves Retained profits 60000 40000 795000 19000 194 000 10000 190 000 5000 Owners' equity Accounts payable 75 000 40 500 Estimated uncollectible debts 15 000 2 500 Accumulated depreciation-equipment 100 000 38000 60000 800 33000 Total equities and asset contras 985 000 275000 283800 Cash 5000 35000 25 500 Accounts receivable 150000 25000 24300 Inventory 60000 55000 35000 Investment in subsidiaries 650000 Patents Equipment Total assets 120000 160000 199000 985000 275000 283 800